IFRS: 

• Standards – What’s new? 

  • IASB - Proposed amendments to IFRS 19 published 

  • IASB - Proposed IFRS Taxonomy Update (IFRS 18) 

  • IASB - Narrow scope amendments to IAS 21 published 

  • IASB - Impairment requirements and credit risk disclosure requirements 

  • IASB - Amendments to clarify the classification and measurement of financial assets with ESG and similar features published 

• Accounting issues 

  • IFRS - Eight illustrative examples to improve reporting of climate-related and other uncertainties in financial statements published 

• Public sector 

  • OAG - Accounting manuals for government departments 

  • OAG - AFS template for departments issued 

  • OAG - GRAP Disclosure Checklist for the 2024-25 financial year issued 

Auditing (IRBA, IAASB, etc): 

• Other 

  • IRBA - Staff Practice Note 10: Acceptance and Continuance of Client Engagements 

  • FRC - Annual Tier 1 audit firm inspection results published 

CIPC: 

• Notices and Practice Notes issued (Enforcement and to customers): 

  • Notice 51 of 2024 CIPC CC transfer of member’s interest  

  • Notice 35 of 2021 Rotation of Auditors 

  • Notice 44 of 2024 Notice BR Status Reports 

  • Notice 46 of 2024 Delays in Re instatement applications and common causes 

  • Media Release Update Nova Sharemax inter reg investigation 

Financial Intelligence Centre (FIC) 

• FIC Advisory & Guidance 

  • SA heightened terrorist financing rating  

  • Update on the risk and compliance return  

  • Notice PCC 59 issued on beneficial ownership 

  • Nedbank fraud warning for South African banking customers 

Sustainability & Integrated Reporting 

• Important issues: Sustainability 

  • ISSB - Further harmonisation of the sustainability disclosure reporting landscape during the IFRS Foundation Conference 

  • ICMA - Release of new resources on Sustainability-Linked Bonds, Green Bonds and Sustainability-Linked Loans Financing Bonds 

  • EU - CSRD FAQ to Help Companies Implement New Sustainability Reporting Rules published 

• Important issues: Technology (Articles) 

  • What are the main ethical challenges of implementing AI? 

  • Five steps accountants must take when adopting AI 

  • Building a Better Auditor: What AI Can’t Do 

  • Building a Better Auditor: The Powerful Synergy of EQ and AI 

  • AI Algorithm Audits: Key Control Considerations 

  • The Age of Generative AI: How Audit Committees Can Respond 

  • Audit Committee Oversight in the Age of Generative AI 

Labour Law: 

• Employment law: 

  • SA unemployment rate up to 33.5%  

  • Landmark ConCourt judgment reinforces employee rights in transfer case 

Other Laws & Regulations affecting your client  and impact on NOCLAR: 

• Other acts and articles: 

  • Companies Act amendments 

  • Public Procurement Act 28 of 2024 

  • Climate Change Bill signed into Law 

  • Pension Funds Amendment Bill  

  • Extension of submission period for rule amendments giving effect to the Two-Pot System 

  • Public consultation on the draft Determination of Conditions for Legacy Retirement Annuity Policies to be excluded from the Two–Component System 

SARS: 

• Guides (new, updated & issued): 

  • See Maitland & Associates Inc News Round Up - May 2024 distributed to attendees. 

Regulator news: 

• CIBA 

  • Accounting Weekly Newsletter  

  • CFO Talks 

  • Various guides are available to members in good standing 

• IRBA 

  • Judgement: IRBA Others v East Rand Member District 

• Companies Tribunal 

  • 10 name disputes 

  • 3 directors' dispute 

  • 3 exemptions 

  • 1 AGM granted 

  • 1 Other matter 

• Competitions Commission 

  • Commission prohibits transaction between United Container Depots and Kings Rest Container Park 

  • Tuberculosis patent complaint 

  • Statements on the latest decisions taken by the Commission 9, 16 and 25 July 

  • R21m administrative penalty 

• FCSA publications  

  • FSCA Press Release - Freedom Capital Investment Managers Public Warning  

  • FSCA Press Release - FSCA warns public against individuals impersonating Bovest Wealth Management (Pty) Ltd 

  • FSCA Press Release - FSCA warns the public against Durban Forex Group 

  • FSCA Press Release - FSCA warns the public about FXMG MT4 Traders 

General Announcements / News Releases: 

• Media articles and other thoughts:  

  • Copyright case - Court rules ex-staffer stole sensitive information for personal benefit  

  • Accounting talent shortage worsens